Bank Innovation

AUGUST 26, 2019

This is the second article in a two-part series on bank-fintech collaborations based on the 2019 State of Banking Innovation Survey, a study conducted by Bank Innovation and INV Fintech.

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Innovation Fintech Study Survey 186

PYMNTS

JULY 1, 2019

When it comes to technological innovation, however, the smaller players have long been outgunned by larger FIs and their sizable IT budgets. Today, small banks are more aggressive and ambitious in their innovation strategies than medium-sized and large FIs. This is changing — in a big way. On average, these FIs designate 45.7

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Innovation Innovation Strategies Survey Groups 157

PYMNTS

JULY 23, 2020

So, how are CUs changing their card innovation plans to match their current members’ demands and attract new potential members? This is just one of many questions PYMNTS, in collaboration with PSCU , set out to answer in the Credit Union Innovation Playbook: Card Trends Edition. Moreover, 89.4 percent between February and May.

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Innovation Report Cards California 174

PYMNTS

JULY 31, 2019

However, financial institutions (FIs) are getting better at separating vital areas of innovation from the hype. Banks are increasingly focusing on the fundamentals when determining their innovation agendas. Payment technology is in many ways the flagship among the fleet of innovations that banks are pursuing.

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PYMNTS

AUGUST 8, 2018

Successful innovation is all about operationalization. The good news is that the path to operationalizing innovation looks remarkably similar for all financial institutions (FIs). Whether FIs are big or small, operationalizing innovation comes down to executing on the same four key tenets , starting with making innovation a mindset.

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Innovation Report Innovation Strategies Survey 109

PYMNTS

JULY 2, 2020

Although CU members want innovation in member loyalty and rewards, most credit unions are not delivering these programs up to the desired standards. Credit union members’ high expectations when it comes to loyalty innovation do not necessarily make or break their banking relationships. Loyalty Innovation Strategies .

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Innovation Branding Tools Innovation Strategies 155

PYMNTS

OCTOBER 23, 2017

When IT Becomes a Drag on Innovation. FIs want to innovate – 97 percent of banks and credit unions surveyed told PYMNTS they have focused on innovation over the past three years. Thirty-six percent of FIs say their existing IT infrastructures made payments innovation hard or very hard. So, what’s stopping them?

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Innovation Trends Survey Maine 131

PYMNTS

JANUARY 24, 2018

The financial services industry is no stranger to innovation, but it increasingly appears that change in the space is being driven by outsiders instead of the financial heavyweights. Traditional banks and FIs can either keep up with the pace of innovation or risk losing customers to disruptive innovators.

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Innovation Data Innovation Strategies Fintech 144

PYMNTS

MAY 31, 2018

According to recent research from PYMNTS, the industry’s innovation pacesetters are those who devote the most time to developing new features, products and services. They are also the FIs that allocate the majority of their budget and other resources to testing those innovations. Who are the top-performing financial institutions (FIs)?

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Innovation Data Innovation Strategies Community Bank 116

PYMNTS

DECEMBER 31, 2020

Consumers waited on financial institutions (FIs) to innovate in an odd relationship that put business needs before customers’ needs. A separate study found that 88 percent of credit unions surveyed in early 2020 planned to invest more in such technologies than they had over the previous year. It was all on their timetable. Not anymore.

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Survey Arizona Innovation Innovation Strategies 235

PYMNTS

JULY 30, 2019

Modern credit unions understand all too well that loyalty innovation is critical to staying in business, and that those that do not prioritize it risk losing a significant share of their members. Loyalty-based innovation is a top concern for many credit union (CU) members, as outlined in the latest Credit Union Innovation Playbook.

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Innovation Data Analytics Video 108

Bank Innovation

DECEMBER 20, 2019

The popular refrain in the industry is “innovate or die,” but community banks face added obstacles resulting from the costs and structural limitations of working with core tech providers.

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Community Bank Survey Community Innovation 243

BankInovation

AUGUST 18, 2020

The rush to stand up digital channels and tools during the initial months of the pandemic likely signals a greater push by financial institutions to invest in innovation and digital transformation during the next two years, according to a survey by Bank Innovation and its sister accelerator, INV Fintech.

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Innovation Survey Tools Fintech 52

PYMNTS

MARCH 20, 2019

In fact, they make the timing of their product rollouts a crucial part of their innovation strategies. Only after observing their competitors’ missteps do they fully commit to the rollout of their innovations. percent of the top innovators in the financial sector said they observe market trends first. As much as 53.3

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Innovation United States Innovation Strategies Cards 161

PYMNTS

NOVEMBER 23, 2020

SMBs have responded to public health needs and consumers' new demands by launching innovative, omnichannel approaches to selling items, fulfilling orders and accepting payments. Katie Swett Miller , eCommerce product lead at payment platform provider Square , has observed many SMBs trying different innovation strategies.

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Report Case Study Payments Strategy 192

PYMNTS

JULY 23, 2019

When it comes to loyalty and rewards innovation, credit unions (CUs) and their members don’t always see eye to eye. Loyalty and rewards innovation tops members’ list of innovation priorities, with 49.1 percent of CUs actively invested in loyalty and rewards innovation during the past three years. Yet, only 29.4

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Innovation United States Innovation Strategies Survey 122

PYMNTS

SEPTEMBER 29, 2020

Credit unions of various sizes were eager to roll out credit card innovation plans before the COVID-19 pandemic’s onset. These expectations also drove CU executives’ innovation agendas, with 91 percent voicing serious interest in developing card product innovations. Credit Innovation Planning Reset .

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San Diego Innovation Cards California 141

PYMNTS

JANUARY 14, 2021

The PYMNTS December Credit Union Tracker® , done with the help of PSCU, found that “digital-first approaches are … expected to remain a staple of credit unions’ operations as they craft their innovation strategies for the next year and beyond, especially as 88 percent of CUs surveyed in early 2020 said that they intended to focus more on technologies (..)

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Innovation Strategies Cards Analytics Survey 155

PYMNTS

NOVEMBER 1, 2017

Small businesses (SMBs) are increasingly satisfied with their traditional financial service providers, though banks are pushing to heighten their innovation strategies and provide SMBs with the high-tech, customized services that those small businesses demand.

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Survey Innovation Management Innovation Strategies 135

Bank Innovation

SEPTEMBER 16, 2019

That’s according to a recent TD Bank survey of 1,200 Canadian adults carried out by Environics Research. Canadians may accept that AI is a part of their lives, but many express concerns about the potential risks that the application of the technology presents, including biases.

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Tools Survey Technology Innovation Strategies 240

PYMNTS

APRIL 2, 2020

Competition for customers — especially millennials — from larger banks and FIs has long required credit unions to keep pace with their more innovative counterparts. This often means providing digital solutions and convenient banking options despite smaller technology and innovation budgets, however.

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United States Security Innovation Mobile 174

BankInovation

AUGUST 21, 2020

More than 70% of executives predicted that spending on banking innovation will increase in the next two years and that the industry is poised for growth, according to a recent INV Fintech survey.

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Video Survey Fintech Innovation 52

Banking 2020

MAY 12, 2015

Specifically, it taught me about customer empathy and experimentation as two good tools to use in innovation. Personal Innovation: You see, I used to be quite unhealthy, living on a steady diet of junk food matched with no real exercise regimen. It builds on innovation and engages the member more effectively. But it worked.

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Innovation Digital Banking Survey Exercises 40

PYMNTS

AUGUST 17, 2017

A recent report from SurveyMonkey , a cloud-based survey development company, found that 80 percent of millennials said they want the option to visit a bank branch in person. A separate survey from management consulting firm Bain & Co. found banks that close their physical branches risk losing existing customers to rival banks.

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Millennials Digital Banking San Francisco Fintech 132

BankInovation

JUNE 30, 2020

According to Euromonitor International’s Digital Consumer Survey 2020, which came out this week, just under 30% of consumers agree most companies handle sensitive consumer data responsibly. It seems consumers still haven’t come around to trusting business with their digital security.

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Data Survey Security Company 64

PYMNTS

AUGUST 1, 2019

But how much are FIs really investing in blockchain and artificial intelligence (AI) compared to more foundational innovations? The latest Innovation Readiness Playbook looks at where FIs have been focusing over the past three years and what their plans are for the near future. When asked about specific innovations, 56.1

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Innovation UX Analytics Study 142

The Financial Brand

JANUARY 29, 2017

A survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, […].

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Survey Customer Experience Innovation Strategies Analytics 12